SAN FU — Interim / Quarterly Report 2025

Dec 23, 2025

San Fu Chemical Co., Ltd. (4755)

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2025 Q3

Operating performance & prospects

2022/12/15

DISCLAIMER STATEMENT

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Company Overview

、 、 Produce Fine chemicals Emerging chemicals Base chemicals Applications

Fine chemicals : IC, TFT, Solar, LED Emerging chemicals: Recovery & recycling of IC, TFT-related chemicals Base chemicals : Plastics, Food Additives, Beauty products Health foods, New drug development, Medical equipment Revenue ： 160 million USD Company listed : 2013 Employees : 400 Capital : 36 million USD

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The First Wet Chemicals Supplier certified by Taiwan Accreditation Foundation (1999)

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3Q24 P&L (Consolidated)

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(NT $ K)
Revenues	1,177,688 100.0% 3Q25	1,244,628 100.0% 2Q25	QoQ -5.4%	YoY 1,233,465 100.0% -4.5% 3Q24
COGS	(936,118) -79.5%	(973,740) -78.2%	-3.9%	(977,383) -79.2% -4.2%
Gross Profits	241,570 20.5%	270,888 21.8%	-10.8%	256,082 20.8% -5.7%
Operating Expenses	(79,425) -6.7%	(125,596) -10.1%	-36.8%	(126,988) -10.3% -37.5%
Operating Profits Non-Op Inc/(Exp) Earnings Before Tax Net Income EPS (NT$) GM OpM NM	162,145 13.8% 34,757 3.0% 196,902 16.7% 90,756 7.7% 0.95 20.5% 13.8% 7.7%	145,292 11.7% (92,615) -7.4% 52,677 4.2% 33,210 2.7% 0.34 21.8% 11.7% 2.7%	11.6% -137.5% 273.8% 173.3% -1.3% 2.1% 5.0%	129,094 10.5% 25.6% (2,755) -0.2% -1361.6% 126,339 10.2% 55.9% 94,013 7.6% -3.5% 0.94 20.8% -0.2% 10.5% 3.3% 7.6% 0.1%

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1Q-3Q24 P&L (Consolidated)

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(NT $ K)
	1Q-3Q25 YTD	1Q-3Q24 YTD	YoY
Revenues COGS Gross Profits Operating Expenses Operating Profits Non-Op Inc/(Exp) Earnings Before Tax Net Income EPS (NT$)	3,585,863 100.0% (2,813,244) -78.5% 772,619 21.5% (325,253) -9.1% 447,366 12.5% (47,845) -1.3% 399,521 11.1% 233,908 6.5% 2.39	3,568,311 100.0% (2,792,259) -78.3% 776,052 21.7% (377,700) -10.6% 398,352 11.2% 36,927 1.0% 435,279 12.2% 314,375 8.8% 3.14	0.5% 0.8% -0.4% -13.9% 12.3% -229.6% -8.2% -25.6%
GM OpM NM	21.5% 12.5% 6.5%	21.7% 11.2% 8.8%	-0.2% 1.3% -2.3%

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Profit Margins

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GM OpM
25.0%
22.7%
22.4%
21.8% 21.8%
20.8% 20.5%
20.0%
15.0% 13.8%
13.4%
12.0%
11.5% 11.5% 11.7%
10.5%
10.0%
6.3%
5.0%
0.0%
1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25
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Latest Revenue & YTD

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Revenue (NTD $100M)	YTD (As of 11/30)	Q1~Q3	Q4	Q4	Q4
			Oct	Nov	Dec
2025	44.21	35.86	4.27	4.08	TBA
2024	53.24	35.69	4.08	9.33	4.14
YoY	-17%	0%	5%	-56%	TBA
Note . 2024 Revenue 53.24 (100M)

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Latest Revenue

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Revenue(M)

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449
427
414 396 416 399 402 401 413 408
361
349
2412 2501 2502 2503 2504 2505 2506 2507 2508 2509 2510 2511
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Key B/S Items & Indices (Consolidated)

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(NT $ K)
Cash Equivalents Inventories ST Loans LT Loans Total Liabilities Total Shareholder's Equities Total Assets Net Debt to Equity(*) Debt Ratio ROE (YTD Annualized)()**	3Q25 678,556 744,139 2,190,000 0 3,190,718 5,181,622 8,372,340 29.2% 38.1% 7.5%	2Q25 718,358 778,918 2,005,000 0 3,322,335 4,720,854 8,043,189 27.3% 41.3% 2.9%	QoQ -5.5% -4.5% 9.2% -4.0% 9.8% 4.1% 1.9% -3.2% 4.6%	3Q24 YoY 454,184 49.4% 682,357 9.1% 1,998,000 9.6% 0 3,375,241 -5.5% 4,460,900 16.2% 7,836,141 6.8% 34.6% -5.4% 43.1% -5.0% 8.5% -1.0%
Note : (ST Loan+LT Loan -Cash Equivalents) / Total Note : (Net Income 4 )/Average Equities	Shareholder's Equities

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Cash Flow (Consolidated)

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(NT $ K) 1Q-3Q25 1Q-3Q24 YoY 2023
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE 520,648 489,222 31,426 602,138
Net cash generated from operating activities 512,076 353,103 158,973 1,041,017
Payments for property, plant and equipment (224,476) (358,113) 133,637 (725,257)
Dividends paid to owners of the Company (352,471) (352,471) 0 (594,165)
(Decrease) Increase in borrowings 295,000 453,285 (158,285) 194,621
Investments & Others (72,221) (130,842) 58,621 (29,132)
CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR 678,556 454,184 224,372 489,222
Free cash flow 287,600 (5,010) 292,610 315,760
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*Free cash flow = Net cash generated from operating activities-Payments for property, plant and equipment

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Revenues by Categories

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base chemicals fine chemicals emerging chemicals

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100%
15%
18% 18%
25% 21% 22% 23%
80%
29%
60%
49%
60%
56%
53% 51%
52%
40%
50%
20%
33%
25% 25% 23% 24% 26%
0%
1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25
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Emerging Chemicals Prospects

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+900%
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Q & A

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